HI HB716

Establishes an innovative business interaction program under the Department of Business, Economic Development, and Tourism to facilitate networking between out-of-state and in-state innovative business investors and talent.

Authorizes DBEDT to contract with organizers of annual events in Hawaii to add an interaction component designed to attract investors and innovative business personnel, which may occur in social or entertainment settings.

Defines "innovative business" as a business using technology or scientific techniques to improve efficiency, cost-effectiveness, or sustainability, and providing services or manufacturing products wholly or partially in Hawaii.

Allocates a portion of transient accommodations tax revenues to fund the program beginning July 1, 2015, with specific dollar amounts to be inserted during enactment.

Requires DBEDT to submit an annual report to the legislature on program status and expenditures, and a comprehensive impact and benefit report to the governor and legislature before the 2021 regular session with a recommendation on program continuation.